SHE:002801 Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Jan '23 Jan 1, 2023	Jan '22 Jan 1, 2022
Net Income	364.42	220.57	121.08	307.93	254.43
Depreciation & Amortization	34.21	26.28	28.15	23.21	21.08
Other Amortization	0.83	-	0.23	-	0.15
Loss (Gain) From Sale of Assets	0.13	-0.12	0.15	-0.02	-0.02
Asset Writedown & Restructuring Costs	0.02	-0.02	-	-0.12	-
Loss (Gain) From Sale of Investments	-82.4	106.54	187.3	-18.34	-62.59
Provision & Write-off of Bad Debts	-	-	2.77	-0.48	3.75
Other Operating Activities	9.94	-2.31	-1.88	-14.16	6.05
Change in Accounts Receivable	-32.33	-126.17	-94.79	-9.19	-44.44
Change in Inventory	5.85	-60.77	23.95	-20.06	-53.08
Change in Accounts Payable	-77.65	153.03	22.59	-9.17	51.37
Change in Other Net Operating Assets	1.08	3.9	-	-	-
Operating Cash Flow	234.08	304.41	259.91	257.49	176.72
Operating Cash Flow Growth	-23.10%	17.12%	0.94%	45.70%	34.07%
Capital Expenditures	-59.24	-154.43	-143.06	-67.19	-14.79
Sale of Property, Plant & Equipment	0.27	0.37	0.08	0.21	0.42
Cash Acquisitions	-	-	-	0.11	-
Divestitures	-	-	-0.23	-	36.04
Investment in Securities	-141.28	17.45	236	-5.39	-152.59
Other Investing Activities	22.56	7.78	19.5	32.57	72.11
Investing Cash Flow	-177.69	-128.83	112.29	-39.69	-58.81
Short-Term Debt Issued	-	0.1	-	-	-
Total Debt Issued	-	0.1	-	-	-
Short-Term Debt Repaid	-	-0.1	-	-	-
Total Debt Repaid	-	-0.1	-	-	-
Repurchase of Common Stock	-	-	-44.88	-	-
Common Dividends Paid	-113.8	-68.28	-114.82	-114.82	-91.85
Other Financing Activities	-	-	-	-	-1.53
Financing Cash Flow	-113.8	-68.28	-159.69	-114.82	-93.39
Foreign Exchange Rate Adjustments	-6.05	5.64	4.66	11.07	-2.52
Net Cash Flow	-63.46	112.94	217.17	114.06	22
Free Cash Flow	174.84	149.98	116.86	190.3	161.93
Free Cash Flow Growth	16.58%	28.34%	-38.59%	17.52%	52.86%
Free Cash Flow Margin	11.85%	10.64%	9.22%	15.79%	14.57%
Free Cash Flow Per Share	0.76	0.65	0.51	0.83	0.71
Cash Income Tax Paid	32.88	14.66	32.13	25.58	19.31
Levered Free Cash Flow	111.65	122.21	126.64	116.09	144.93
Unlevered Free Cash Flow	111.65	122.21	126.7	116.1	144.93
Change in Working Capital	-93.07	-46.54	-77.87	-40.53	-46.13

Source: S&P Global Market Intelligence. Standard template. Financial Sources.